No Credit History? No Problem. Lenders Are Looking at Your Phone Data

No Credit History? No Problem. Lenders Are Looking at Your Phone Data

“Financial institutions, overcoming some initial trepidation about privacy, are increasingly gauging consumers’ creditworthiness by using phone-company data on mobile calling patterns and locations. The practice is tantalizing for lenders because it could help them reach some of the 2 billion people who don’t have bank accounts. On the other hand, some of the phone data could open up the risk of being used to discriminate against potential borrowers.”